Bitcoin (BTC) price has failed to break through the $40k barrier, indicating that sentiment in the cryptocurrency market remains negative. Traders’ trust in the cryptocurrency market is eroding as the market continues to correct. Veteran trader Peter Brandt predicts that the price of Bitcoin (BTC) will go below $32,000.
Furthermore, as profit transactions have surged, the on-chain data is not looking good for bitcoin. It might imply that profit booking is taking place at a higher level.
Despite whale purchases at lower levels near $38k, the Bitcoin (BTC) price has struggled to breach the $40k mark in the recent week. The pricing remains in the $38k-$40k area.
Veteran trader Peter Brandt stated in a tweet that Bitcoin has completed a bearish channel after falling below the $38k barrier in the previous 24 hours. He anticipates a $32,000 test in the near future. His prediction of the $28,000 threshold, on the other hand, is more concerning for Bitcoin.
Peter Brandt also argued against conjecture about Michael Saylor’s MicroStrategy purchasing on dips, claiming that Saylor will have significant redemptions before the cycle is complete.
The completion of a bear channel usually results in a decrease equal to the channel’s breadth, or in this case, a hard test of 32,000 or so — my prediction is 28,000. This does not make me a $BTC hater.
According to on-chain data from analytics platform Santiment, traders’ faith in the BTC price reclaiming the $40k level appears to be waning. The Bitcoin (BTC) and Ethereum (ETH) Transactions in Profit/Loss statistics show a staggering 12.5 to 1 ratio of transactions in profit vs transactions in loss area.
As a result, the prospects of Bitcoin going below $32k are high as confidence falls and whale purchases stay low.
Bitcoin is presently selling below the $39,000 mark. The mood remains depressed when the Federal Reserve votes to boost interest rates at its May 3rd and 4th meetings.
According to CoinMarketCap, the BTC price has increased by over 3% in the previous 24 hours. The price is currently trading at $38,865, much below the $39k mark.